Monthly Archives: December 2016

Are Foreclosures Necessarily Good Value in Vancouver?

by Jon Lumer

Everyone in Vancouver is looking for a deal. Rental rates are jumping to catch up with the sharp increase in property values and many tenants (as always) are looking at home ownership as a way to avoid paying rent to their landlord and start paying it to themselves, or at least their lender. Meanwhile, investors made dizzy by the capital appreciation they’ve witnessed in Vancouver over the last three years are desperate for a piece of the action or hope to expand their current holdings.

Many of these potential buyers, be they first-time home owners or investors, believe that picking up a foreclosed property could be their ticket to good value and an otherwise unachievable square footage in the neighbourhood of their choosing.

Is this a reasonable strategy? What are the potential pitfalls? What exactly is a foreclosure anyway?

A foreclosure usually occurs when an owner defaults on the mortgage payments to their lender and the lender decides their best option is to seize the asset that was mortgaged (the house or strata unit), sell it under the authority and supervision of the courts, and pay themselves out from the proceeds of that sale. The owner of the property is still entitled to whatever is left once all claims against the property have been settled.

Does this make foreclosed properties vulnerable to low bids? Not necessarily. In fact, the system is set up precisely in order to ensure that fair market value is paid for the property and the owner is not getting less for the home than what they should reasonably expect.

Once the court has authorized the lender that has foreclosed on the property to place it on market, a REALTOR©, acting for that lender and not the owner, will market the property while keeping good records of her efforts, market conditions and comparative market analyses, as well as any showings that result from the marketing.

If a bid is received that the lender accepts, a court date will be set. The lender will not accept a bid far below market value for the property, as they know the court is unlikely to allow such a sale to proceed, and the court has final say on the matter. This first bidder may negotiate with the lender and may submit a “subject offer,” but the terms of the contract are destined to be largely unfavourable to the buyer.

Why is that?

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Foreclosed properties are sold “as is, where is.” That means the buyer has no recourse if they are unsatisfied with the state of the property on possession. There will be no guarantees regarding any chattels, or even fixtures, the buyer may have seen while viewing the property. The danger of receiving the property in a sorry state is particularly acute if it is not vacant. This is quite different from the scenario most buyers will face when negotiating (through their agent) directly with the owner of a property.

The first accepted offer price will become public knowledge. Any interested buyers may now inform themselves of the value of that initial offer and present themselves at the court date to present their own offer. They must bring a bank   Continue Reading…

Park Station – 50 Luxurious Oakridge-Langara Condos + Townhouses

Park Station external render.

At a Glance

  • 8-storey, mixed-use concrete building
  • seven 2-storey townhomes
  • 43 1-, 2- & 3-bedroom condos
  • three ground floor commercial spaces
  • steps from Canada Line, Oakridge Centre, Langara Golf Course
  • air conditioning
  • airy 9’4″ ceilings
  • spacious decks or patios

Park Station interior design concept.

Vancouver’s Most Central Address
All paths lead to Park Station – a central neighbourhood location in the park-like Oakridge Langara district. A quiet structure in monochromatic tones, Park Station exudes confidence and well-grounded permanence. Its timelessness acts as a compliment to its neighbourhood of mature trees and streetscapes, emerging as a captivating new addition to the boulevard. Expansive windows and dramatic 9-foot ceilings set the stage for a bold and brightly lived life. Gourmet kitchens, along with thoughtfully appointed baths make living and entertaining pure pleasure.

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Imagine meeting friends for drinks on a patio in Yaletown, dining with family at Shanghai River in Richmond, or catching a flight to Paris – all within 15 minutes from your home and without use of a car. Thanks to the Canada Line rapid transit station just steps from Park Station, this – and much more – can be your reality. Within walking distance, take care of your shopping needs at Oakridge Centre, Vancouver’s premium luxury shopping centre, play a round of golf at Langara Golf Course, or walk your dog around the 2.7-kilometre Langara Trail. Live life. Experience Vancouverism.

Pricing for Park Station  Continue Reading…

Yukon Residences – Cambie Corridor 3- & 4-Bedroom Pre-Construction Townhomes + Garden Homes

Yukon Residences by Alabaster Homes.

Yukon Residences by Alabaster Homes.

At a Glance

  • four 4-storey buildings
  • 33 3- & 4-bedroom homes
  • 70 underground parking spaces
  • close to top-ranked schools
  • adjacent to Winona Park & Langara Golf Course
  • lush setting along Habitat Connection Corridor
  • close proximity to Canada Line

Yukon Residences architectural elevation.

On The Park
Alabaster Homes is pleased to bring you Yukon Residences, a boutique collection of exquisitely-appointed townhomes and single-level garden homes distributed amongst four buildings aligned on a north-south axis. Located at the northwest corner of West 59th and Yukon, east-facing residences will enjoy beautiful, unlimited views across the expanse of neighbouring Winona Park. Langara Golf Course to the north, and its perimeter Langara Trail, offer even more green space to enjoy in this tranquil, tree-lined neighbourhood.

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At Yukon Residences, your daily necessities are close at hand. Steps away at Marine Gateway, you’ll find a T&T supermarket, Shoppers Drug Mart, Steve Nash Fitness World, Cineplex Cinemas, restaurants, banks, and other services. Best Buy, Canadian Tire, and Sport Check are just four blocks east on Marine Drive. Many more shopping options are within a 15-minute ride on the Canada Line, be it Oakridge Centre, Aberdeen Centre, McArthurGlen Designer Outlets, Richmond Centre, Robson Street, or Pacific Centre. Plans for a future Canada Line station at 57th & Cambie mean the greater convenience of quickly reaching Richmond, Downtown Vancouver, and YVR International Airport will increase the value of your home. Now is the time to get on board! Your opportunity is arriving on the inbound track.

Pricing for Yukon Residences  Continue Reading…

Tudor House by Formwerks – 15 Cambie Corridor Pre-Construction British Rowhomes

Tudor House external architectural render.

Tudor House banner.

At a Glance

  • 1-, 2- and 3-bedroom townhomes
  • 15 residences in a 4-storey building
  • classic Tudor-style architecture
  • close proximity to amenities, parks, schools
  • walking distance to rapid transit
  • Oakridge Centre & Marine Gateway shopping
  • less than 10 minutes to YVR airport

Tudor House external architectural render.
Timeless British Rowhomes
Formwerks Boutique Properties presents Tudor House, an exclusive collection of 15 Westside townhomes designed according to classic Tudor architecture, including pitched roofs, steeped gables, and decorative timbering. Each residence will be generously appointed with single-family home features, such as spacious kitchens, full-size appliances, luxurious finishings, and walk-in closets.

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Tudor House is ideally situated near amenities, parks, and top-ranked schools, such as Winona Park, Queen Elizabeth Park, Langara Golf Course, York House School, Vancouver College, Marine Gateway, and Oakridge Centre. Convenient rapid transit options bring the world to your doorstep. Vancouver International Airport is less than 10 minutes away when you board the Canada Line at Marine Drive Station, as is award-winning Asian dining in Richmond and the multicultural culinary options of Downtown Vancouver. This is what makes Vancouver one of the world’s most livable cities.

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November 2016 Real Estate Board of Greater Vancouver Statistics Package with Graphs & Charts

 

Home sales and listings just below 10-year average

Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.

Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold.

price-chart-from-1977-to-november-2016-for-vancouver-real-estate-mike-stewart-realtor

Last month’s sales were 7.6 per cent below the 10-year sales average for the month.

“While 2016 has been  Continue Reading…